Subs Slight Miss But FY28 Targets On Track

研报英文原文证据摘录

Subs Slight Miss But FY28 Targets On Track

Australia | Telecom Services

Aussie Broadband EquityJuneResearch15, 2026

ESTIMATE CHANGESubs Slight Miss But FY28 Targets On Track

ABB pressed ahead with its inorganic growth, closing the AGL deal - subs RATING BUY

migration will complete 2QFY27 - while More/Tangerine subs will migrate PRICE AUD5.30^

end Jun-26 but at 95% of prev estimates. ABB's org. subs gth to May-26 PRICE TARGET | % TO PT AUD6.20 | +17%

was slightly below JEFe 2H26 run-rate. A key question is whether ABB can 52W HIGH-LOW AUD6.10 - AUD3.79

convert org./inorganic-driven subs growth into durable margin expansion FLOAT (%) | ADV MM (USD) 79.0% | 5.44

in-line with FY28 targets. We think so & adjust FY27-28E EPSA +3%, +10%. MARKET CAP AUD1.5B | $1.1B

TICKER ABB AU

Acquisitions Key Points ^Prior trading day's closing price unless otherwise noted.

Completed the acquisition of AGL's Telco business (AGL has been issued 22m ABB•

shares). Migration of AGL's 350k subs will complete in 2QFY27. AGL should deliver A FY (Jun) CHANGE TO JEFe JEF vs CONS

$21m EBITDA in the first 12 months post migration. AGL is targeting 500k subs over time. 2026 2027 2026 2027

This is unchanged from the original announcement REV NA -7% +1% +3%

ABB is on track to complete the migration of More and Tangerine subs (CBA) by Jun-26. EPS NA +3% +13% +1%•

This is expected to deliver A$12m in EBITDA from FY27 (unchanged). Active subs at 30

Jun is expected to be 275k, 95% of the previously announced estimate

ABB has also confirmed the completion of two other transactions announced in Feb-26 - EPS -- -- 0.25• 2026 (AUD) 1Half 2Half FY

Nexgen acquisition and the divestment of Digital Sense Hosting PREV

Trading Update

These transactions are said to "underpin ABB's upgraded Look-to-28 ambitions" which•